Month: May 2024

• Affordable Connectivity Program ends due to lack of funds, impacting nearly 60 million Americans
• FCC administered the program, providing monthly credits for internet bills to low-income households
• Program served seniors, veterans, and rural and urban Americans during the pandemic
• Bipartisan legislation to extend the program stalled in Congress, with GOP leaders showing little interest
• President Biden calls for Congress to pass legislation extending the program, while some internet providers commit to offering low-income plans

Affordable Internet Program Ends: Impact on Low-Income Americans

The recent announcement by the Federal Communications Commission (FCC) to end the Affordable Connectivity Program due to lack of funds has sent shockwaves across the nation. Read more

• Scottish clean tech company, Heero Technologies, secures additional £230,000 funding from TRICAPITAL and Scottish Enterprise
• Focus on improving energy efficiency of 19 million UK homes crucial for meeting net zero targets
• Heero Technologies’ App addresses challenges in energy retrofit projects, providing solutions for financing, installer selection, and technology choices
• Funding to support Heero Technologies in expanding opportunities across various sectors
• Heero Technologies is a B2B software and data company specializing in seamless installation of energy efficiency and renewable technologies; TRICAPITAL Angels support early-stage Scottish companies through investment and mentorship

Scottish Clean Tech Company Secures Further £230,000 Funding

In the realm of energy efficiency and renewable technologies, Scottish clean tech company, Heero TechnologiesTM, has recently made headlines by securing an additional £230,000 in funding. Read more

• Canada’s Global Innovation Cluster, DIGITAL, is investing $10.5 million in AI projects for healthtech startups
• Cue Health, a San Diego biotech, is closing after FDA warning on COVID-19 test kits
• Montréal’s Startupfest announces agenda with notable speakers like Shopify president
• London Drugs faces cybersecurity breach with leaked employee data on the dark web
• Co.Labs in Saskatoon receives $2.5 million federal funding for tech event and XiR program

Unlocking Healthtech AI Funding Opportunities

In the rapidly evolving landscape of health technology, securing funding is crucial for startups looking to innovate and make an impact. Read more

• Green materials startup Claros Technologies secures $22 million to develop technology for destroying PFAS “forever chemicals”
• PFAS are persistent chemicals found in various consumer and industrial products since the 1940s
• Claros Technologies uses green chemistry and advanced material science to filter and destroy PFAS, achieving 99.99% destruction rate
• The company also offers services for high-value metals recovery and technology for producing durable textiles with special properties
• Funding round co-led by Ecosystem Integrity Fund and American Century Investments, highlighting the urgent need to address PFAS pollution and the potential market growth for sustainable solutions

Revolutionizing Environmental Solutions: Claros Technologies’ $22 Million Funding Boost

In a significant move towards combating the pervasive issue of PFAS contamination, sustainable materials-focused startup Claros Technologies has successfully secured $22 million in new funding. Read more

• Clean Energy Ventures raises $305 million for Climate Tech Fund, aiming to mitigate 75 gigatons of greenhouse gas emissions by 2050
• CEV invests in companies focusing on disruptive energy technologies and innovations to reshape energy production and consumption
• Investment criteria include capability to mitigate at least 2.5 gigatons of CO2e emissions by 2050
• CEV has made investments in various sectors such as mobility, renewable energy, carbon capture, and energy storage
• Fund II will expand investment opportunities in North America and Europe, with offices established in London to support growth in the region

Clean Energy Ventures Raises Over $300 Million for Climate Tech Venture Fund

Clean Energy Ventures (CEV) has successfully raised $305 million for its second flagship fund, dedicated to climate tech investments. Read more

• YoLa Fresh, a Morocco-based agriculture technology company, secures $7 million in pre-Series A funding to expand its logistics network and improve technology.
• The startup aims to eliminate middlemen in the fresh food supply chain by connecting farmers directly with retailers and food service companies.
• Co-founded by Youssef Mamou and Larbi Alaoui Belrhiti, YoLa Fresh utilizes technology to ensure transparency and minimize waste in the supply chain.

• Clean Energy Ventures successfully closes its second flagship fund, raising $305m, with investments already made in six new companies
• The fund drew heightened investor interest in technologies aimed at reducing carbon emissions
• Limited partners backing the fund include Carbon Equity, the Grantham Foundation for the Protection of the Environment, Builders Vision, and New Summit Investments
• The fund follows the success of CEV’s first $110m fund in 2019, supporting 20 companies in the climate tech sector
• CEV is expanding its reach into Europe with a new office in London, focusing on providing hands-on guidance and support to early-stage companies in the decarbonisation sector

Clean Energy Ventures Raises $305m for Second Fund

Clean Energy Ventures, a US-based venture capital company investing in early-stage climate innovations, has successfully closed its second flagship fund with commitments of $305m. Read more

• Twelve Trinity researchers secure funding for healthcare, climate, and tech innovations
• Projects led by researchers in STEM fields funded by Science Foundation Ireland and SEAI
• Awards valued at €1.28 million each, supporting postdoctoral positions and research assistants
• Research projects focus on areas such as antibiotic development, vaccine design, and immune system control
• Minister O’Donovan praises the awards for supporting world-class research in critical societal areas

Trinity Researchers Secure Funding for Healthcare Innovations

In a significant development for the research community, twelve Trinity researchers have successfully secured funding for innovative projects in the fields of healthcare, climate, and technology. Read more

• AI manufacturing startup EthonAI secures $16.5 million funding led by Index Ventures
• Manufacturing industry sees potential in harnessing unstructured data for insights and improvements
• Other AI manufacturing startups like Oden Technologies, Daedalus, and Robovision also secure significant funding
• EthonAI’s AI models used for defect detection in electronics manufacturing, with high-profile customers like Siemens and Lindt
• EthonAI focuses on semiconductor manufacturing, aiming to improve yield rates and operational excellence in factories

The Rise of AI Manufacturing Startups

The landscape of manufacturing is rapidly evolving with the integration of artificial intelligence (AI) technologies. Read more

• Disrupt Technology Venture introduces Disrupt Health Impact Fund with leading Thai business groups
• The fund plans to invest in 15 DeepTech companies in healthcare domestically and internationally in the next three to five years
• Thailand aims to become a healthcare hub for Southeast Asia, leveraging technological advancements in AI and BioTech
• The fund targets innovations in self-care, preventive care, silver age, holistic wellness, and smart hospital sectors
• Partnerships and investments aim to drive growth in the HealthTech industry nationally and globally, focusing on enhancing healthcare access and efficiency

Disrupt Technology Venture’s Bold Move into Health Tech Fund

Thailand-based investment firm Disrupt Technology Venture (Disrupt) has recently made waves in the tech investment scene by introducing the Disrupt Health Impact Fund. Read more

• iyris secures $16 million in Series A funding to expand Global AgTech Solutions
• Co-founded in 2018 by agricultural engineering and plant science experts
• Funding led by Ecosystem Integrity Fund (EIF) and other prominent investors
• Focus on addressing food security and climate change through innovative agricultural technologies
• Technologies include SecondSky greenhouse covers and nets, plant genetics for crop resilience, and significant resource savings

Expanding Global AgTech Solutions with iyris’ $16 Million Series A Funding

In the realm of agricultural technology, the keyphrase “Global AgTech Solutions” is gaining significant traction with the recent news of iyris securing $16 million in Series A funding. Read more

• ExpressionEdits secures $13 million in funding for protein expression optimization through AI and patented intronization technology
• Founded in 2021 by Dr. Kärt Tomberg, Professor Allan Bradley, and Dr. Liliana Antunes, based on University of Cambridge research
• Funding to accelerate candidate selection for preclinical research and develop a pipeline of protein-based medicines, focusing on recombinant proteins
• Company’s AI platform combines biological data with machine learning to enhance gene design and protein production
• ExpressionEdits aims to revolutionize genetic medicine by improving protein expression and creating novel genetic medicines, supported by investors like Octopus Ventures and Red Alpine.

• Life Sciences projects secure share of £900k in funding, including innovations like wound-healing product from maggot secretions and a Multiple Sclerosis test
• Projects funded by SMART FIS program, aimed at promoting research, development, and innovation in Wales
• Innovations include larval secretion products for wound healing, handheld medical device for wound dressing, diagnostic blood test for MS, natural sweetener production, and organ replacements using bioprinting
• Funding supports Welsh organizations in achieving innovation excellence and expanding into new markets
• Economy Secretary Jeremy Miles emphasizes the importance of driving cutting-edge research and innovation to improve people’s lives and build a stronger economy in Wales

Life Sciences Projects Secure Share of £900k in Funding

Introduction

In a groundbreaking development in the field of life sciences, innovative projects have secured a share of £900,000 in funding support. Read more

• $100M Wisconsin Investment Fund launched in Madison, focusing on tech and biohealth start-ups
• Fund receives $50M from federal government and $50M from venture capital firms
• Cardamom Health, a Madison-based data analytics firm, to be one of the first recipients of the fund
• Governor Evers highlights the fund as the largest investment in startups in Wisconsin’s history
• Fund to prioritize investments in technology, healthcare, agriculture, manufacturing, with a focus on biohealth sector

Wisconsin Investment Fund: A Boost for Tech and Biohealth Startups

In a significant move to bolster the startup ecosystem in Wisconsin, the state has announced the creation of the Wisconsin Investment Fund. Read more

• Novel secures $15m funding for Capital Intelligence platform expansion
• Funding round co-led by IGNIA Partners and Ulu Ventures, with additional participation from MatterScale and Gaingels
• Total funding for Novel now exceeds $130m, supporting mission to revolutionize tech founders’ funding and growth
• Novel’s AI-driven Capital-as-a-Service model equips founders with tools for strategic fundraising decisions
• Novel’s services include CEO Dashboard, Valuation Tool, and VentureMatch™ for connecting founders with VC firms

Capital Intelligence Expansion with Novel Securing $15m Funding

In the fast-paced world of tech startups, securing funding is often a critical milestone that can pave the way for growth and success. Read more

• Odyssey secures $10 million in Series A funding led by Bradley Tusk of Tusk Venture Partners and supported by key investors like Katherine Boyle and Ben Ling.
• Founder and CEO Joseph Connor highlights Odyssey’s technology platform enabling school choice programs for families seeking quality education.
• The investment includes a board seat for Bradley Tusk, emphasizing the potential impact of fair education access for all children.

• Amsterdam-based startups secured significant funding in May, indicating investor confidence and new opportunities for job seekers.
• 10x.team offers subscription services for executives and solutions like software code review, currently hiring.
• A renewable energy storage startup raised €10M, utilizing rusting and unrusting of metallic iron, and is actively hiring.
• Struck simplifies compliance for architects and developers through automated checks, not currently hiring.

• ZeroMark secures $7M in seed funding for “Handheld Iron Dome” technology
• AI-powered auto-aim tech transforms infantry rifles into counter-drone solutions
• System integrates computer vision and precision robotics with firearms
• Ground Up Ventures and Andreessen Horowitz lead funding round
• Technology enhances precision, safety, and operational capabilities for armed forces

ZeroMark Secures $7M in Seed Funding for “Handheld Iron Dome”

Innovative Defense Technology Startup ZeroMark has recently announced a significant milestone in its journey with the successful securing of $7 million in seed funding for its groundbreaking project titled “Handheld Iron Dome.”

• One Planet Capital is launching a Seed Enterprise Investment Scheme (SEIS) fund to invest in early-stage startups in the UK focused on climate tech
• The SEIS fund aims to raise £1.0 million to invest in SEIS qualifying climate tech businesses over the next year
• The fund will target a return of £3 for each £1 invested over a 5 to 7-year period with 50% SEIS income tax relief
• One Planet Capital’s SEIS fund complements its existing EIS fund and angel syndicate, expanding investment options in the climate tech sector
• The SEIS fund launch aims to capture value from investing in earlier-stage businesses, aligning with the recent expansion of the SEIS tax incentive scheme.

• Travel PayTech startup Swiipr secures £6 million in Series A funding led by Octopus Ventures, building on previous seed funding.
• Swiipr, launched in 2020, offers a digital platform for airlines to manage compensation efficiently, addressing flight disruption issues affecting over 500 million passengers annually.
• The funding will be used to enhance Swiipr’s strategy, product, and technology, focusing on R&D, AI, and data analytics for international growth in the airline market.

• China has established a $47 billion chiptech investment fund to enhance domestic semiconductor development, known as the ‘National Integrated Circuit Industry Investment Fund.’
• The fund comprises 344 billion yuan of capital, with government agencies and Chinese banks as major investors, aiming to support research, development, production, and application of the domestic integrated circuit industry.
• The fund’s third phase, registered in May, focuses on traditional equity investment, asset management, and venture capital fund management services, aiming for broader and more diversified investment strategies.

• Lagos attracts 80% of innovation funding into Nigeria, with the Commissioner for Innovation, Science and Technology highlighting the state’s pivotal role in driving innovation investment in the country and Africa.
• A stakeholder engagement forum discussed the proposed Lagos Innovation Bill, aiming to establish a policy framework to encourage continuous innovation investment and position Lagos as an innovation powerhouse.
• The Lagos Innovation Bill, if passed into law, would provide incentive packages for technology companies in the state to foster growth and development of technology.

• Fusion funding for startups has declined sharply in recent quarters after peaking two-and-a-half years ago, with only $58 million invested in fusion energy companies so far this year.
• In the fourth quarter of 2021, over $2.4 billion was invested in fusion energy startups, with a notable Series B funding of over $1.8 billion for Commonwealth Fusion Systems and a $500 million Series E for Helion Energy.

• AI regulators in the UK lack adequate funding to respond to the technology’s growth, according to the Science, Innovation, and Technology Committee chief
• The government’s £10 million allocation for AI regulation was deemed insufficient, prompting calls for additional financial support for regulatory efforts
• Concerns were raised about developers withholding models from safety testing by the AI Safety Institute, violating agreements made at the Bletchley Park conference
• The UK government is taking steps to upskill regulators and oversee AI with a £100 million financing package, highlighting the deceptive capabilities of AI like deepfake content
• Experts, including prominent figures in AI, have warned about the lack of safeguards for significant AI breakthroughs and called for stricter risk-checking standards and more funding for AI safety institutes

AI Regulators Face Funding Challenges in the UK

Artificial intelligence (AI) has been rapidly advancing, bringing with it a host of opportunities and challenges. Read more

• Startup Eneryield secures additional seed funding from ABB and Chalmers Ventures
• Eneryield develops AI-powered technology to predict faults and prevent outages in power grids
• Intelliview solution integrates seamlessly into existing power networks without additional hardware
• ABB sees synergies with Eneryield to enhance prediction systems for power networks
• Chalmers Ventures supports Eneryield as an example of successful deep tech spin-out from research

Startup Energy Funding: Eneryield Secures Additional Seed Funding

In the dynamic world of startups, securing funding is a crucial milestone that can make or break a company’s success. Read more

• Esgrid secures €500,000 Pre-Seed funding for sustainability tools
• Founded in 2023, Esgrid offers value chain sustainability solutions for enterprises
• Platform helps manage sustainability impact, ensuring ESG compliance
• Targets medium-sized enterprises facing high sustainability management costs
• Utilizes AI to provide ESG data analysis and reduce costs

Understanding Pre-Seed Funding

Pre-Seed funding plays a crucial role in the early stages of a startup’s journey towards growth and success. Read more

• Aurora Tech award funding will provide faster and more reliable emergency services across Africa, says Folake Owodunni, the award winner
• Owodunni’s tech journey blends passion, persistence, and problem-solving, transitioning from public health to tech to address healthcare gaps in Africa
• Emergency Response Africa (ERA) merges public health expertise with innovative technology for efficient emergency medical services
• ERA leverages technology for rapid response, data collection, and scalability in transforming emergency services in Africa
• The Aurora Tech Award win will fund ERA’s AI optimization, responder network expansion, and marketing to enhance emergency care services across Africa

Empowering Emergency Services Through Aurora Tech Funding

In the realm of technology and public health, innovation often emerges as the driving force behind transformative change. Read more

• Elon Musk’s xAI secures $6 billion funding to rival OpenAI and other AI firms
• Funding to be used for xAI’s product launch, infrastructure development, and R&D of future technologies
• High-profile investors like Andreessen Horowitz and Sequoia Capital show confidence in xAI’s potential
• AI investments are soaring as tech giants like Google, Meta, and Microsoft integrate AI technologies
• Musk’s xAI aims to catch up with OpenAI and Google, positioning itself as a competitive AI innovator

Elon Musk’s xAI Raises $6 Billion Funding

Artificial intelligence (AI) is a rapidly growing industry with companies like OpenAI leading the pack. Read more

• Elon Musk’s xAI secures $6 billion in Series B funding, raising the company’s valuation to $24 billion
• Investors in xAI’s funding round include Valor Equity Partners, Vy Capital, and Sequoia Capital
• The funding will be used to develop products, build infrastructure, and accelerate research and development
• Musk announced xAI’s pre-money valuation was $18 billion before the funding round
• Musk launched xAI as a competitor to OpenAI and is actively hiring talented individuals to join the team

Elon Musk’s xAI Secures $6 Billion in Funding and Announces Valuation

Elon Musk’s artificial intelligence (AI) startup, xAI, recently made headlines by raising an impressive $6 billion in Series B funding, significantly boosting the company’s valuation to $24 billion. Read more

• Elon Musk’s xAI company is set to complete a funding round in June, potentially valuing it at over $24 billion.
• The funding round, which began last year, includes investments from Andreessen Horowitz and Sequoia Capital.
• Musk stated that xAI’s valuation before this round was $18 billion.
• The funds from the round will be used for launching products, infrastructure development, and research for future technologies.